CoinShares Crypto Strategist Says Bitcoin Value Will Grow Despite Investors’ Current Worries
Bitcoin Will Grow Says Cryptocurrency Advocate
Bitcoin has been in a bear market that has influenced the prices in a negative way. Today, the market has changed a lot, it is not the same as in December 2017, the sentiment is totally negative and future prospects are not so bright.
But the cryptocurrency advocate Meltem Demirors, explained that real traction will come in time. Additionally, he said that new technologies that change the paradigm in which we live, take longer time for people to understand it.
It is important to mention that Meltem Demirors works as a Chief Strategy Officer at digital asset manager CoinShares. In the last days, the Turkish Lira has experienced an important decline after being affected by Trump’s decision to increase tariffs in some products such as steel and aluminum. Bitcoin, that has been praised as a currency to be a safe haven if there is a crisis such as the one that Turkey is living. In the end, it was not the case.
The truth is that in the last months there was some movement in the market, but the price did not move so much. We can mention that the news about the Intercontinental Exchange couldn’t create momentum and trigger a bull market.
“The narrative around bitcoin is still really hard to grasp,” commented Demirors. “Really the only metric we have for most cryptocurrencies is the price, and price is such as imperfect metric. What does actual utilization look like? That’s really the struggle for crypto right now.”
He says that investors should look at virtual currencies as early internet stock. But is important to remember that it took long years for companies such as Amazon, Intel or Microsoft to recover the price they had before the dotcom bubble.
According to Meltem Demirors, investors are now working day after day in order to create real businesses that ‘serve real purpose.’ Of course, it is not possible to know when Bitcoin will start to grow again as in the last bull market.
At the moment of writing, Bitcoin (BTC) is the most important virtual currency in the market with $103 billion dollars market capitalization. Additionally, each Bitcoin can be bought for $6,000 dollars.